Summary of Skeena Resources Limited Conference Call Company Overview - **Company**: Skeena Resources Limited (NYSE:SKE) - **Flagship Asset**: Eskay Creek, a historically significant underground gold and silver mine previously operated by Barrick Gold Key Points and Arguments 1. **Historical Significance**: Eskay Creek was the highest grade gold mine globally, with an average gold grade of 45 grams per ton and silver at over 2,000 grams per ton before being placed on care and maintenance in February 2008 due to the global financial crisis [2][3] 2. **Current Project Status**: The company has been advancing the Eskay Creek asset since 2017, with a focus on what remains at a cutoff grade of 15 grams per ton [3] 3. **Production Expectations**: Anticipated annual production of approximately 450,000 ounces of gold equivalent metal, with a strong grade profile of 5.5 grams per ton, significantly above the global average [4][5] 4. **Financial Projections**: Expected annual after-tax free cash flow of about $1 billion in the first five years, with an annual EBITDA projected at $1.7 billion [5][12] 5. **Project Valuation**: The net present value (NPV) of the project is estimated at CAD 5.5 billion, with a market capitalization of CAD 3 billion and an internal rate of return (IRR) of 80% [12][21] 6. **Cost Structure**: Co-product cost is approximately $6.87 per ounce, benefiting from a low power cost of 6 cents per kilowatt hour due to nearby hydroelectric facilities [10][19] 7. **Silver Production**: Annual silver production is projected at 9.5 million ounces in the first five years, positioning Eskay Creek as one of the largest primary silver mines globally [18] 8. **Indigenous Relations**: The company has a positive relationship with the Taltan Nation, having secured the first section seven agreement in Canadian history for construction approval [6][7] 9. **Environmental Assessment**: Currently in the environmental assessment application phase, with public engagement concluding on September 26 and a vote on the Impact Benefit Agreement (IBA) expected on October 9 [8] 10. **Financing Structure**: Fully financed with a total package of CAD 1 billion, including a gold stream to fund construction, minimizing dilution with only 115 million shares outstanding [15][16] 11. **Market Comparisons**: Comparisons made with Artemis Gold and Lundin Gold, suggesting a potential market cap of CAD 10 billion as production ramps up [22][23] Additional Important Information - **Geographical Context**: The project is located in Northwest British Columbia's Golden Triangle, an area known for its geological potential [6] - **Future Catalysts**: Anticipated catalysts include securing permits and advancing through construction towards cash flow [9][20] - **Investor Sentiment**: The market has responded positively to the financing package, indicating strong investor interest in the company's future [20][24]

Core Viewpoint - Cora Capital Corp. and Tiger Financial Corporation have entered into a non-binding letter of intent for a reverse takeover, with Cora expected to acquire all issued and outstanding securities of Tiger in exchange for Cora's securities, leading to a public listing on the Canadian Securities Exchange [1][2][4]. Company Overview - Tiger Financial is a fintech and digital banking company focused on providing AI-powered banking, payments, and lending solutions to small businesses in Southeast Asia, particularly Vietnam, with plans to expand into other markets [3]. - The company is led by Ben Aissa, who has over 20 years of experience in building financial technology ventures globally [3]. Transaction Details - The transaction involves Cora acquiring all securities of Tiger, making Tiger a wholly owned subsidiary of Cora, with an anticipated completion date around November 28, 2025 [4][21]. - Upon closing, Tiger shareholders will receive 28,500,000 common shares of Cora, representing 54.7% of the issued shares post-transaction [5][21]. Financing Plans - Cora plans to conduct a private placement financing to raise C$1.15 million by issuing 4,600,000 common shares at C$0.25 each, with Tiger shareholders expected to subscribe for C$150,000 [7]. - A concurrent private placement of 6,600,000 special warrants is also planned, aiming to raise approximately C$3.3 million [10][11]. Conditions and Milestones - The completion of the transaction is contingent upon various conditions, including regulatory approvals and the successful closing of the Bridge Financing and Concurrent Financing [20]. - Tiger shareholders may receive additional shares based on performance milestones, such as expanding operations into new Southeast Asian countries and achieving revenue targets [15][17]. Leadership and Governance - The Resulting Issuer will have a board of directors comprising members from both Cora and Tiger, with Ben Aissa serving as CEO [25][26]. - The leadership team includes experienced professionals with backgrounds in fintech, capital markets, and corporate governance [28][30][31]. Market Position and Strategy - The Resulting Issuer aims to leverage its position in the rapidly growing Southeast Asian market, targeting over 62 million under-banked small businesses [3]. - The strategic focus will be on enhancing its AI-powered digital banking platform and expanding into new markets to accelerate growth [33].

Core Viewpoint - Skeena Resources Limited reports interim financial results for the quarter ended June 30, 2025, highlighting its focus on advancing the Eskay Creek Gold-Silver Project, which is expected to be one of the highest-grade and lowest-cost open-pit precious metals mines globally [1][2]. Company Overview - Skeena is a leading precious metals developer focused on the Eskay Creek Gold-Silver Project located in British Columbia's Golden Triangle [2]. - The company emphasizes sustainable mining practices and aims to maximize the potential of its mineral resources while fostering positive relationships with Indigenous communities [2]. Financial Reporting - The interim financial statements and management's discussion and analysis (MD&A) for the quarter ended June 30, 2025, are available on Skeena's website and regulatory filings [1].

Core Viewpoint - Skeena Resources Limited has filed an early warning report regarding its shareholdings in TDG Gold Corp following a significant acquisition of shares as part of a broader financing and acquisition strategy [1][2][3]. Group 1: Share Acquisition Details - On July 14, 2025, Skeena acquired 6,666,667 shares of TDG for a total of C$4,000,000, equating to C$0.60 per share [2]. - The acquisition was part of a larger "bought deal" financing where TDG issued a total of 38,310,000 shares, including non-flow-through and charity flow-through shares [3]. - Following the acquisition, Skeena's ownership increased from 23,000,000 shares (approximately 12.78% of TDG) to 29,666,667 shares (approximately 10.88% of TDG) [5]. Group 2: Acquisition Context - Concurrently with the share purchase, TDG completed the acquisition of Anyox Copper Ltd, exchanging 54,559,565 shares for all outstanding common shares of Anyox [4]. - The transactions, including the share purchase and the acquisition of Anyox, are part of Skeena's investment strategy in TDG [6]. Group 3: Company Background - Skeena Resources is focused on advancing the Eskay Creek Gold-Silver Project, which is expected to be one of the highest-grade and lowest-cost open-pit precious metals mines globally [8]. - The company emphasizes sustainable mining practices and aims to foster positive relationships with Indigenous communities while delivering long-term value [8].

Core Points - Skeena Resources Limited held its Annual General Meeting of Shareholders on June 23, 2025, in Vancouver, where shareholders approved the re-election of all existing Directors and the election of Mr. Hansjoerg Plaggemars to the Board [1] - A total of 82,703,300 shares were voted, representing 72.2% of the common shares issued and outstanding [2] - The voting results showed high approval rates for the re-elected Directors, with Walter Coles receiving 99.48% and Randy Reichert 99.97% of votes in favor [3] Voting Results - Walter Coles received 70,962,376 votes, equating to 99.48% approval [3] - Randy Reichert received 71,307,252 votes, equating to 99.97% approval [3] - Craig Parry received 62,720,699 votes, equating to 87.93% approval [3] - Suki Gill received 68,105,501 votes, equating to 95.48% approval [3] - Greg Beard received 66,624,648 votes, equating to 93.40% approval [3] - Nathalie Sajous received 70,813,332 votes, equating to 99.28% approval [3] - Hansjoerg Plaggemars received 43,963,895 votes, equating to 61.63% approval [3] Company Overview - Skeena is focused on advancing the Eskay Creek Gold-Silver Project, which is expected to be one of the highest-grade and lowest-cost open-pit precious metals mines globally [5] - The company emphasizes sustainable mining practices and aims to maximize its mineral resources while fostering positive relationships with Indigenous communities [5]

Group 1 - Skeena Resources Limited (SKE) has shown strong year-to-date performance, with a return of approximately 30.4%, significantly outperforming the Basic Materials sector average of 0.2% [4] - The Zacks Rank for Skeena Resources Limited is currently 2 (Buy), indicating positive analyst sentiment and an improving earnings outlook [3][4] - Over the past three months, the Zacks Consensus Estimate for SKE's full-year earnings has increased by 58.1%, reflecting stronger analyst sentiment [4] Group 2 - Skeena Resources Limited is part of the Mining - Miscellaneous industry, which consists of 58 companies and currently ranks 155 in the Zacks Industry Rank [6] - The Mining - Miscellaneous industry has experienced a decline of about 3.2% year-to-date, indicating that SKE is performing better than its peers in this group [6] - Another stock in the Basic Materials sector, Symrise AG Unsponsored ADR (SYIEY), has also outperformed the sector with a year-to-date increase of 2% [5][7]

Core Viewpoint - Skeena Resources Limited (SKE) shares have increased by 5.7% recently, closing at $10.09, with a potential upside of 28.8% based on Wall Street analysts' mean price target of $13 [1] Price Targets and Estimates - The average price target consists of seven estimates ranging from a low of $10.06 to a high of $14.63, with a standard deviation of $1.73, indicating variability among analysts [2] - The lowest estimate suggests a minor decline of 0.3%, while the highest indicates a potential upside of 45% [2] - Analysts' price targets should be approached with caution, as their reliability has been questioned [3][7] Earnings Estimates and Analyst Agreement - Analysts are optimistic about SKE's earnings, with a consensus indicating better-than-previously estimated earnings, which historically correlates with stock price increases [4][11] - Over the past 30 days, the Zacks Consensus Estimate for the current year has risen by 1.8%, with one estimate increasing and no negative revisions [12] Zacks Rank and Investment Potential - SKE holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate factors, suggesting strong potential for upside [13]

Financial Results - Skeena reported its fourth quarter and annual financial results for the year ended December 31, 2024[2]. - The financial statements and management's discussion and analysis are available on Skeena's website and regulatory filings[2]. Project Highlights - The Eskay Creek Gold-Silver Project is expected to be one of the highest-grade and lowest-cost open-pit precious metals mines globally[3]. - The company anticipates future exploration and development activities, with a focus on estimating mineral resources and reserves[6]. Sustainability and Community Engagement - Skeena is committed to sustainable mining practices and fostering positive relationships with Indigenous communities[3]. - The company aims to maximize the potential of its mineral resources while delivering long-term value to stakeholders[3]. Risk Management and Future Outlook - Forward-looking statements include expectations regarding future metal prices and operational performance[6]. - The company emphasizes the importance of regulatory approvals and environmental risk management in its operations[6]. - Skeena's management acknowledges potential risks that may affect future performance, including changes in economic conditions and project execution delays[6]. - Skeena's future strategies will be guided by the results of ongoing exploration and market conditions[6].

Core Viewpoint - Skeena Resources Limited has entered into an agreement for a bought deal offering of 4,800,000 common shares at C$14.70 per share, aiming to raise approximately C$70.5 million for the advancement of its Eskay Creek gold-silver project and general corporate purposes [1][2]. Group 1: Offering Details - The underwriters, led by BMO Capital Markets, have the option to increase the offering by 15% up to 48 hours before closing [1]. - If the underwriters elect to issue up to 2,230,000 shares as flow-through shares at C$17.93 each, the total gross proceeds could rise to approximately C$78 million [3]. - The offering is expected to close around February 26, 2025, subject to regulatory approvals [6]. Group 2: Use of Proceeds - Proceeds from the common shares will be allocated to the Eskay Creek project and general corporate purposes [2][5]. - Funds from flow-through shares will be used for eligible Canadian development expenses, with an effective date for renouncement no later than December 31, 2025 [4]. Group 3: Company Overview - Skeena Resources is focused on advancing the Eskay Creek Gold-Silver Project, which is expected to be one of the highest-grade and lowest-cost open-pit precious metals mines globally [9][10]. - The company emphasizes sustainable mining practices and aims to build positive relationships with Indigenous communities [10].

Core Insights - Skeena Gold & Silver has discovered a significant gold-copper porphyry system at the KSP property, showcasing consistent mineralization of 0.71 grams per tonne (gpt) gold over a length of 381.5 meters [1] Group 1 - The discovery indicates a large-scale mineralization potential at the KSP property, which could enhance the company's resource base and future production capabilities [1] - The consistent mineralization results suggest a promising exploration outlook for Skeena Gold & Silver, potentially leading to increased investor interest and valuation [1] - The presence of both gold and copper in the porphyry system may diversify the company's asset portfolio and mitigate risks associated with commodity price fluctuations [1]